SEA1 Offshore (tidligere Siem offshore)

[GMcKane]

Hvorfor finner man ikke sioff i aksjonærlistene?

[zappa66]

Fordi selskapet er registrert på Cayman Islands

[Metallian]

What’s new: Update and hike TP to NOK 34/sh (28), Buy Rec. maintained

Our take: As the upcycle unfolds, SIOFF should reprice its high-specs vessels at 45% higher rates in ‘25. NIBD/EBITDA dips below 2x in ‘24 and refinancing is within reach in our view.

• Red hot subsea market – FSest. rates to reach USD 80k/d in ’25e

• Refinancing next year to unlock dividend capacity – FSest. FCF yield of 25% in ‘25

• Attractive on asset creation and multiples – ‘24/’25 EV/EBITDA at 4.9x/3.2x

We continue to see upside potential for SIOFF, as the offshore supply market remains tight, and vessels roll off legacy contracts. SIOFFs recent term contract additions add to earnings visibility and AHTS spot rates are holding at decent levels – making us upbeat on the earnings trajectory. The upcoming refinancing represents an important equity trigger in our view and looks manageable as NIBD/EBITDA dips below FSest. 2x in 2024. Hence, with 25% FSest. FCF yield in 2025 dividends should shortly follow, we believe. We adjust our asset values assumptions by avg. 27% to reflect expected positive market developments and raise our TP to NOK 34/sh (NOK 28/sh 13.06.2023). Buy Reiterated.

Strong operational leverage supporting the refinancing in 2024

SIOFF sits with strong short-term cash flow visibility as c. 70% of PSV/CSV days are fixed in 2024. Its AHTS on the other hand, represents a wild card as they are mostly trading in the profitable yet volatile spot market. We project significant upside once the subsea vessels roll into new contracts from 2025 (FSest avg. rates USD 72k/d). As such, EBITDA is estimated to increase to USD 163m/200m in 2024 and 2025 vs USD 159m in ‘23. Operations are projected to generate cash of USD 127m/139m in ’23-’24, which after FSest yearly capex of c. USD30m (avg.), should reduce gearing quickly. The refinancing of the FSest USD 150m balloon payment due YE24 is manageable in our view and eased covenants should allow for dividends in 2025.

Valuation – Buy, TP to NOK 34/sh (NOK 28/sh 13.06.2023)

After adjusting steel value assumptions to reflect a buoyant market outlook and NIBD YE23 slightly revised, we find a TP of NOK 34/sh (28) equal to NAV. SIOFF trades at USD 20m/29m per AHTS/PSV compared to USD 24m/34m at TP. The subsea segment is valued at avg. USD 101m/unit vs implied USD 86m. On multiples SIOFF trades at 4.9x 2024 and 3.2x 2025 EV/EBITDA vs 6.1x and 4.1x at our TP. With P/NAV of 0.76x SIOFF screens attractive compared to peers trading at avg. 0.83x.

    

Fearnley

[Metallian]

Hjalp godt med økt kursmål

[TekBot]

Presentation of Third Quarter Results 2023

The results for the third quarter ended 30 September 2023 will be published on 31 October 2023 at 08:00 (CET) on the Oslo Stock Exchange (ticker code: SIOFF) and on Siem Offshore Inc.'s website www.siemoffshore.com.

A conference call will be held on the same day at 13:00 (CET) to review the presentation and discuss the third quarter 2023 release. The call will be hosted by Bernt Omdal – CEO, Siem Offshore Inc. and Vidar Jerstad - CFO, Siem Offshore Inc.
…

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To join the audio conference, please click the link below: Microsoft Virtual Events Powered by Teams

The conference call will be recorded and made available on www.siemoffshore.com

Kilde

[TekBot]

Results for the Third Quarter 2023

Siem Offshore Inc. today, 31 October 2023, reports the results for the third quarter 2023.

These are the reports:
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• Third Quarter 2023 Report to shareholders
• Third Quarter 2023 Presentation

A conference call will be held today at 13:00 CET to review the presentation and the third quarter 2023 release. The conference call will be hosted by Bernt Omdal – CEO, Siem Offshore Inc. and Vidar Jerstad - CFO, Siem Offshore Inc.

To access the conference call, please use the link below: Microsoft Virtual Events Powered by Teams

The conference call will be recorded and made available on www.siemoffshore.com

Kilde

[aksjewonka]

På et spennende nivå nå kursmessig?! Finner kursen støtte nå eller skal vi videre ned til neste støtte nivå? på rundt 20NOK!

[TekBot]

LOI signed with Helix Energy Solutions Group

Siem Offshore has signed an LOI with Helix Energy Solutions Group for a possible long-term extension of charter contracts for Siem Helix 1 and Siem Helix 2 at improved day rates.

Commencement date for the new contracts will be 01.01.25 and 01.01.26 with a duration of 6 years each.
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Contact: CEO Bernt Omdal, +47 91522299

This information is considered to be inside information pursuant to the EU Market Abuse Regulation and is subject to the disclosure requirements pursuant to section 5-12 in the Norwegian Securities Trading Act. This stock exchange notice was published by Gerhard Steen, Siem Offshore, at the date and time as set out above.

Kilde

[TekBot]

Notification of acquisition of shares by primary insider

The primary insider, Celina Midelfart, who is a member of the Board of Siem Offshore Inc., is the chairman of the board of Midelfart Capital AS. On 24 November 2023, Midelfart Capital AS purchased 795.000 shares in Siem Offshore Inc. (SIOFF) at a nominal share price of NOK 25,1254 per share. Total purchase price was NOK 19.974.693. Following the purchase Midelfart Capital AS owns 4.622.786 shares equal to 1,935% of the shares issued.

This information is subject to the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.
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Kilde

[TekBot]

Contract award for AHTS Siem Sapphire

Siem Offshore has entered into a term contract for the AHTS Siem Sapphire with an oil major in Australia. The firm duration of the contract is approximately 1 year plus options up to 6 months. Commencement is expected to be between December 2023 and middle of January 2024.

Contact:
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CEO Bernt Omdal, +47 91522299
CCO Andreas Hageli, +47 90977682

Kilde

[aksjewonka]

Gapfill på gang her?

[TekBot]

Notification of acquisition of shares by primary insider

The primary insider, Celina Midelfart, who is a member of the Board of Siem Offshore Inc., is the chairman of the board of Midelfart Capital AS. On 30 November 2023, Midelfart Capital AS purchased 411.000 shares in Siem Offshore Inc. (SIOFF) at a nominal share price of NOK 24,382 per share. Total purchase price was NOK 10.021.002. Following the purchase Midelfart Capital AS owns 5.033.786 shares equal to 2,107% of the shares issued.

This information is subject to the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.
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Kilde

[Thomastoget]

Hun laster jo opp evig

[TekBot]

Financial calendar

Financial calendar for Siem Offshore Inc.

FINANCIAL YEAR 2023
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27.02.2024 - Quarterly Report - Q4

FINANCIAL YEAR 2024

22.08.2024 - Half-yearly Report
19.04.2024 - Annual Report
07.05.2024 - Annual General Meeting

15.05.2024 - Quarterly Report - Q1
31.10.2024 - Quarterly Report - Q3

This information is published pursuant to the requirements set out in the Continuing obligations.

Kilde

[TekBot]

Contract Award – OSCV Siem Spearfish

Siem Offshore has entered into a one-year firm contract plus one year option for the OSCV Siem Spearfish with PXGEO. The vessel will be engaged within the marine geophysical segment and support charterer’s operations world-wide. The vessel will commence its new charter upon completion of the current class renewal mid February 2024.

Contact:
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CEO Bernt Omdal, +47 91522299
CCO Andreas Hageli, +47 90977682

Kilde

[Metallian]

Pareto anslår ca 70kusd/dag- helt greit, hadde vel håpet på 8-900k/dag

[TekBot]

New agreement in place for “Siem Helix 1” and “Siem Helix 2”

With reference to the stock exchange notice published 24 November 2023, Siem Offshore and Helix Energy Solutions have now signed agreements for the Well Intervention Vessels “Siem Helix 1” and “Siem Helix 2”. The new contracts will commence on 1 January 2025 and 1 January 2026 and replace the existing contracts. The new contracts have a duration of 6 years for each vessel, with subsequent options of up to 5 years. Securing long-term employment for these key vessels, with firm utilization through at least 2030, is important for Siem Offshore and gives a solid base for future income. The agreement reconfirms the Company’s important role in the Well Intervention segment. Helix Energy Solutions has been the sole client of these vessels since they were built in 2016. The successful project based collaboration between our organisations has strengthened the professional relationship between Helix and the Company. The total contract backlog for the two vessels is now USD 682 million.

For further information, please contact CEO Bernt Omdal, +47 91522299.
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Kilde

[Metallian]

1.25mill/dag pr skip om jeg leser det rett, backlog på ca 7mrd på bare disse to. Det er massivt. Sioff bør stige på denne.

[Rodjer]

Mulig jeg leser feil, men blir det ikke 1,214 mill/2skip= 607k/dag?

7,284mrd for begge fartøy over 6år.

[Metallian]

365 x 6årx2skip= er forlengelsen = 4380 fartøydøgn

• 3år til startx365- dvs 1 år for dene ene og 2 år for den andre= 1095 fartøydøgn

5475 fartøydøgn og kontraktsverdi 7270 mill

1,32mill/fartøydøgn

Er det noe feil her?